Pakistan Proves to be Fertile Ground
Mobile banking, also known as branchless banking, is proving to be a huge success in Pakistan. Estimates are that by 2020, the market will grow from today’s 2% to 35%. The popularity of the platform and huge potential for growth have proven to be an impetus for banking and mobile carrier partnerships. For example:
• Mobicash, a partnership between microfinance bank Waseela and Mobilink;
• Upayment, a partnership between three banks and Ufone;
• Easypaisa, created by Tameer Microfinance Bank;
• Timepey Service, a partnership between Askari Bank and Zong;
• and Omini, owned by United Bank Limited.
Branchless Banking Benefits Consumers and Banks
The benefits of mobile banking extend to consumers and banks. The platform is very easy to use. Consumers need only a bank account and a mobile device – which today is just about everyone. Then, no matter where you are—home, office or on the road—you can manage your finances without difficulty. Consumers can utilize mobile banking platforms to access their accounts, transfer money, and make deposits and withdrawals. All they have to do is utilize one of the sophisticated, multi-channel platforms that provide ease and security.
The banking industry, who is being encouraged by the government to enhance their mobile banking offerings, are able to remain competitive. This is an especially critical benefit, especially in the current climate of alternative finance platforms. A secondary benefit for the banking industry is that mobile banking reduces their overhead, another plus in the hedge against alternative finance platforms. Saving money on overhead can translate to lower fees and interest rates for customers, keeping them competitive in a highly evolving financial services marketplace.
The Government is doing its Part to Push Mobile Banking Growth
To further strengthen Pakistan’s branchless banking industry, the government is using the platform to distribute government payments. A newly designed platform—e-Sahulat—is distributing funds to the general public and organizations. Experts look ahead to further government programs that will utilize and strengthen the country’s mobile banking industry.
Thanks for those answer, that makes sense.
I think cuz that way is easier to track you more efficiently
I think it is one of the best post about mobile banking I have ever seen. Also this unique post is informative and useful. Thank you for sharing this great piece of information about mobile banking in Pakistan.
Mobile banking, the new and easier way. Customer service in the transaction of mobile banking Which brings convenience available to customers and fast to transfer money, deposit and withdrawal. when such a simple and easy way to banking was introduced the low-income population seized the opportunity. This is a good news will to be popular and become a part of daily life soon.
Wow, that’s surprising to know! Having been originally from Pakistan, it is refreshing to hear some positive aspects of industry growth there. It is overall good for the people of Pakistan which includes a lot of my family. I wonder in what ways people can participate and profit off this growth in the coming years.